Technical Analysis

Technical Analysis – JP 225 index holds in ascending channel in short term

Posted on December 16, 2020 at 1:53 pm GMT

The JP 225 index attempted to break the upper border of the ascending channel at 26,950 several times in the past, but its efforts proved unsuccessful. Nevertheless, the positive market structure consisted of higher lows, while the short-term oscillators are also not yet in favor of the bears; the RSI is moving sideways above its 50 neutral mark and the MACD has stabilized its momentum in the positive area and is currently moving around its red signal line. However, the [..]

Technical Analysis – Gold set for a close above 200-SMA and within cautious territory

Posted on December 16, 2020 at 10:24 am GMT

Gold is set to close above the 200-period simple moving average (SMA) in the four-hour chart, but there is some suspicion that the precious metal could soon quit efforts given the previous downside reversals around that line. The 1,865 former support zone is also under the spotlight and could develop into a resistance area in the short run, though the momentum indicators are currently challenging that scenario. The RSI is sloping upwards but has yet to reach its 70 overbought mark, the stochastics hold [..]

Technical Analysis – GBPJPY spikes higher around upper Bollinger band

Posted on December 16, 2020 at 9:44 am GMT

GBPJPY is ticking up after the bullish gap on Monday and the bounce off the 23.6% Fibonacci retracement level of the upward wave from 134.37 to 140.70 at 139.20, which overlaps with the 100-period simple moving average (SMA) in the 4-hour chart. According to the technical indicators, the MACD is advancing above the trigger and zero lines, while the RSI indicator is sloping north in the bullish territory. Immediate resistance could come from the upper Bollinger band around the 140.000 [..]

Technical Analysis – EURGBP stalls decline with bounce off lower band at 0.9005

Posted on December 16, 2020 at 9:22 am GMT

EURGBP’s neutral-to-bullish picture seems to be deteriorating as the price dipped under the 100-period simple moving average (SMA), touching the mid-Bollinger band at 0.9005. In spite of the rising 100-period SMA, the 200-period SMA is endorsing a more neutral tone, while the slowing upward pace in the 50-period SMA is sponsoring a fading positive picture. The short-term oscillators are suggesting mixed signals in directional momentum. The MACD is plunging below the zero mark, distancing itself from its red trigger line, [..]

Technical Analysis – NZDUSD flirts with 32-month peak; bulls have control

Posted on December 16, 2020 at 7:47 am GMT

NZDUSD has been in a strong bullish tendency since March 19, reaching a fresh 32-month high of 0.7119 on Monday. The flatten mode around the overbought territory in the RSI and the slowdown in the MACD oscillator show somewhat weak buying pressure, though both remain well above their neutral thresholds keeping the short-term risk skewed to the upside. In trend indicators, the bullish cross between 20- and 40-day simple moving averages (SMAs), created at the beginning of the previous month, [..]

Technical Analysis – USDJPY points to November’s lows; bias neutral-to-bearish

Posted on December 16, 2020 at 7:21 am GMT

USDJPY lost the battle with the 104.00 level and the 20-day simple moving average (SMA) on Tuesday, with the price sliding back into the 103.00 area and closer to the eight-month low of 103.16 registered in November. Despite the pullback, the pair has not significantly violated the bottom of the 104.75 – 103.65 range area nor the 78.6% Fibonacci of the 101.17 – 111.70 upleg. Also, the RSI and the MACD, although within their bearish zones, keep fluctuating between familiar [..]

Technical Analysis – WTI futures take a breather; upside risks remain solid

Posted on December 15, 2020 at 2:53 pm GMT

WTI oil futures improved mildly off the Ichimoku lines but are struggling to restart the upwards trajectory with a breakout of the small sideways move. The fairly horizontal Ichimoku lines reflect the stall in positive momentum, while the rising simple moving averages (SMAs) are suggesting steady advances in the pair. The short-term oscillators suggest conflicting signals in directional momentum. The MACD, in the positive region, is flirting with its fairly flat red signal line, while the RSI is pointing downwards [..]

Technical Analysis – EURCHF looks neutral-to-bullish; indicators are flat

Posted on December 15, 2020 at 1:11 pm GMT

EURCHF seems to be range bound, something also reflected in the flattening technical indicators. The RSI is standing near the neutral threshold of 50, while the MACD is trying to jump above the zero line with weak momentum. The directionless Ichimoku lines and the steadied cloud further reflect this view, however, the 20- and 40-period simple moving averages (SMAs) are ready to post a bullish crossover in the short-term. In case of positive pressures, initial tough resistance could develop from [..]

Technical Analysis – USDCAD’s bearish course stabilises around 32-month base

Posted on December 15, 2020 at 10:05 am GMT

USDCAD appears to have become moderately static after logging a near 32-month low of 1.2705 and forming a base around the 1.2700 handle. The flattening Ichimoku lines are backing this minor pause in the downside scenario, reflecting a condition of paused directional momentum. However, the pair’s predominant bearish tone continues to be aided by the downward sloping simple moving averages (SMAs). The short-term oscillators also display a conflicting picture in momentum. The MACD, in the negative region, is above its [..]

Technical Analysis – GBPUSD confused below the resistance line as Brexit talks continue

Posted on December 15, 2020 at 8:40 am GMT

GBPUSD attempted to recoup last week’s losses on Monday but the tough eight-month old resistance line managed to block the way once again and keep the price within the 1.3300 territory as Brexit negotiations continue. The momentum indicators are providing a mixture of signals as the RSI is trying to recover above its 50 neutral mark, the MACD is gradually losing strength below its red signal line, and the red Tenkan-sen line seems to be flattening around the blue Kijun-sen. [..]

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